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What Is a Payday Loan?

What Is a Payday Loan?

Payday loans, also called cash advance or check advance loans, are small-dollar loans of a short-term nature based on the borrower’s income. Borrowers usually have to provide the lenders with a pay stub when applying for it.

These loans are generally paid back in a time span of three-four weeks with high-interest rates. This sort of loan gives access to credit when you need it to pay for your daily expenses or any emergency finances. A number of legislations have been put in place to regulate procedures to lend and charge interest rates on payday loans. However, you must note that the regulations vary by state.

How Do Payday Loans Work? | How Much Can I Borrow with A Payday Loan in USTitleLoans?

How Do Payday Loans Work?

First of all, a payday lender verifies your income and bank account information. Then, you are given cash at the same time in a store or as soon as the transaction is completed online.

The lender also requests a signed check or permission to electronically withdraw funds from your bank account. This ensures that the loan amount plus the interest is deducted from your account a day after your next payday, which is usually between two weeks to one month.

In the case of a store, you can pay back the loan early or on the due date. If you fail to appear, the lender writes a check or makes a withdrawal from your account. On the other hand, online lenders use an electronic withdrawal.

How Much Can I Borrow with A Payday Loan in USTitleLoans?

The payday loan amount you can borrow in USTitleLoans differs based on state laws and your personal finances. The majority of states that allow payday loans have capped the lending limit from $300 to $1,000. This does not indicate that you will be approved to borrow the maximum amount permitted by law. When assessing how much you can borrow, a payday lender may consider your salary.

Benefits of Payday Loan

  • Get Loans Without Good Credit

    Your credit score isn't the only factor we consider. For example, our lenders will check to see whether you have a steady income or unpaid debt. If you’re qualified, you can get money even with bad credit.

  • Receive Money Instantly

    It can take less than 60 seconds to apply for a loan, and approval can happen in minutes. Money can be sent to you via ACH or to a Visa debit card so you can have it right away.

  • Establish a credit history

    Taking out a loan with us is a cost-effective approach to improving your credit score. Our loans will be reported to credit bureaus, making them an excellent way to raise your credit score!

Types of Payday Loans

The following are details about the types of payday loans:

  • One Hour Payday Loan svg

    One Hour Payday Loan

    The introduction of online payday lenders has made applying for a one-hour payday loan easier. You have to fill out an online form and double-check that the information you provided is valid. You will receive the funds in your bank account once the company has verified your information.

  • Instant Online Payday Loan svg

    Instant Online Payday Loan

    If you are under a financial strain, you don't have to wait for your loan to be approved by the bank to solve your problem. In addition, you do not need to be concerned about your credit history to apply for a payday loan. Furthermore, the no-faxing option makes the entire payday loan process much easier.

  • Cash Advances svg

    Cash Advances

    The cash advance you took out with your bank will have to be repaid with your next paycheck. These loans are costly, and as a result, you must read the tiny print before agreeing to take the loan. Most lenders who offer lower interest rates hide their charges under a processing fee.

Cost of A Payday Loan

Cost of A Payday Loan

According to the state laws, Payday loan fees are typically capped at $10 to $30 per $100 borrowed. With a $15 per $100 payment, a typical two-week payday loan has an annual percentage rate (APR) of nearly 400%. On the other hand, credit card APRs can range from around 12% to almost 30%. The cost of the loan, fees, and the maximum loan amount are all capped in many states that allow payday lending. That is why, these loans are considered by many risky, trapping the borrower in a cycle of debt and repayments.

Does Paying Back Payday Loans Build Credit?

Does Paying Back Payday Loans Build Credit?

Paying off a payday loan does not normally improve your credit score. Due to the fact that most payday lenders do not record on-time payments to credit bureaus, the loan will have no effect on your credit score.

However, if you do not repay the loan, your credit may be harmed. The payday lender may report the default to credit bureaus or sell the debt to a collection agency, both of which may harm your credit score.

What Do Our Customers Say About Us?

I am at the difficulty of finding words to describe how USTitlesLoan helped me with my financial need. Moreover, the application is so easy to use that even a technologically handicapped man like me could use it easily.

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  • 1. Does USTitleLoans run a credit check?

    No, our lenders will conduct the credit check to safeguard themselves from fraud and make better financing decisions.

  • 2. What happens if I can't repay a payday loan?

    You will be charged a late fee or a nonsufficient fund fee for failing to repay the loan. You can extend the due date with a rollover, but this usually comes with a cost. In addition, failed attempts to obtain payment can result in bank fees being levied against you.

  • 3. What does it mean to renew or roll over a payday loan?

    In most cases, renewing or rolling over a payday loan entails paying a charge to postpone repayment. This fee will not reduce the amount you owe. You'll still be responsible for the rollover's principal and costs.

  • 4. Are payday loans fixed or variable?

    Payday loans are often intended to be paid off in one sum when you receive your next paycheck. As a result, the interest rate on these loans is fixed rather than a variable.

  • 5. Is a payday loan secured or unsecured?

    The majority of the payday loans online are unsecured. Unlike a pawn shop, you don't have to offer the lender any security or borrow against collateral.

  • 6. Can payday loan debt be forgiven?

    Payday loan debt is extremely rare to be forgiven. This is due to the fact that payday lenders profit handsomely from the interest they levy on these loans.

Sort Your Financial Emergency Now!

Sort Your Financial Emergency Now!

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